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Alexza Secures $50 Million Committed Equity Financing Facility With Azimuth Opportunity, Ltd.
Date:3/31/2008

MOUNTAIN VIEW, Calif., March 31 /PRNewswire-FirstCall/ -- Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that it has obtained a committed equity financing facility under which it may sell up to $50 million of its registered common stock to Azimuth Opportunity, Ltd. over a 24-month period. Alexza is not obligated to utilize any of the $50 million facility and remains free to enter into and consummate other equity and debt financing transactions.

"This flexible financing facility is an important addition to our portfolio of financing options, giving us the ability to raise capital quickly and at a competitive cost, and potentially to manage dilution more effectively by issuing shares in multiple tranches at times of our choosing over the next 24 months," said August J. Moretti, Senior Vice President and Chief Financial Officer of Alexza. "We believe these advantages could benefit Alexza and our stockholders as we continue to execute our business plan. This equity line of credit, in addition to our existing capital resources, now gives us the ability to support operations through the end of the first quarter of 2010."

"In addition to starting our first Phase 3 study with AZ-004 (Staccato(R) loxapine), this transitional year in our history includes moving into the early commercial planning for the manufacturing, regulatory submissions, and potential sales and marketing of AZ-004," said Thomas B. King, President and CEO of Alexza. "We expect our first AZ-004 Phase 3 clinical trial to take approximately 12 months to enroll, so we anticipate the top line data from this study could be available in Q2 2009"

Alexza will determine, at its sole discretion, the timing, the dollar amount and the floor price per share o
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SOURCE Alexza Pharmaceuticals, Inc.
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